BP 2014 Annual Report Download - page 208

7. Called-up share capital
The allotted, called-up and fully paid share capital at 31 December was as follows:
2014 2013
Issued
Shares
(thousand) $ million
Shares
(thousand)
$
million
8% cumulative first preference shares of £1 eacha7,233 12 7,233 12
9% cumulative second preference shares of £1 eacha5,473 9 5,473 9
21 21
Ordinary shares of 25 cents each
At 1 January 20,426,632 5,108 20,959,159 5,240
Issue of new shares for the scrip dividend programme 165,644 41 202,124 51
Issue of new shares for employee share-based payment plansb25,598 6 18,203 5
Repurchase of ordinary share capitalc(611,913) (153) (752,854) (188)
31 December 20,005,961 5,002 20,426,632 5,108
5,023 5,129
aThe nominal amount of 8% cumulative first preference shares and 9% cumulative second preference shares that can be in issue at any time shall not exceed £10,000,000 for each class of preference
shares.
bConsideration received relating to the issue of new shares for employee share plans amounted to $207 million (2013 $116 million and 2012 $47 million).
cPurchased for a total consideration of $4,796 million, including transaction costs of $26 million (2013 $5,493 million, including transaction costs of $30 million). All shares purchased were for
cancellation. The repurchased shares represented 3% of ordinary share capital.
Voting on substantive resolutions tabled at a general meeting is on a poll. On a poll, shareholders present in person or by proxy have two votes for
every £5 in nominal amount of the first and second preference shares held and one vote for every ordinary share held. On a show-of-hands vote on
other resolutions (procedural matters) at a general meeting, shareholders present in person or by proxy have one vote each.
In the event of the winding up of the company, preference shareholders would be entitled to a sum equal to the capital paid up on the preference
shares plus an amount in respect of accrued and unpaid dividends and a premium equal to the higher of (i) 10% of the capital paid up on the preference
shares and (ii) the excess of the average market price of such shares on the London Stock Exchange during the previous six months over par value.
In 2014, the company completed the $8-billion share repurchase programme announced on 22 March 2013 and further continuation of share buybacks
was announced on 29 April 2014. During the year, the company repurchased 612 million ordinary shares at a cost of $4,770 million (2013 753 million
ordinary shares at a cost of $5,463 million). The number of shares in issue is reduced when shares are repurchased, but is not reduced in respect of
the year-end commitment to repurchase shares subsequent to the end of the year, for which an amount of $nil has been accrued at 31 December
2014 (2013 $1,430 million).
8. Capital and reserves
$ million
Share
capital
Share
premium
account
Capital
redemption
reserve
Merger
reserve
Treasury
shares
Profit
and loss
account Total
At 1 January 2014 5,129 10,061 1,260 26,509 (20,971) 125,806 147,794
Currency translation differences –– –– – 31 31
Actuarial loss on pensions (net of tax) – – – – – (2,593) (2,593)
Share-based payments 6 240 – – 252 (287) 211
Repurchases of ordinary share capital (153) – 153 – – (3,366) (3,366)
Profit for the year – – – – – 2,100 2,100
Dividends 41 (41) – – – (5,850) (5,850)
At 31 December 2014 5,023 10,260 1,413 26,509 (20,719) 115,841 138,327
$ million
Share
capital
Share
premium
account
Capital
redemption
reserve
Merger
reserve
Treasury
shares
Profit
and loss
account Total
At 1 January 2013 5,261 9,974 1,072 26,509 (21,054) 120,161 141,923
Currency translation differences – – – – – 47 47
Actuarial gain on pensions (net of tax) – – – – – 2,067 2,067
Share-based payments 5 138 – – 83 204 430
Repurchases of ordinary share capital (188) – 188 – – (6,923) (6,923)
Profit for the year – – – – – 15,691 15,691
Dividends 51 (51) –– –(5,441) (5,441)
At 31 December 2013 5,129 10,061 1,260 26,509 (20,971) 125,806 147,794
As a consolidated income statement is presented for the group, a separate income statement for the parent company is not required to be published.
The profit and loss account reserve includes $24,107 million (2013 $24,107 million), the distribution of which is limited by statutory or other restrictions.
The accounts for the year ended 31 December 2014 do not reflect the dividend announced on 3 February 2015 and payable in March 2015; this will be
treated as an appropriation of profit in the year ended 31 December 2015.
The parent company financial statements of BP p.l.c. on pages 197-206 do not form part of BP’s Annual Report on Form 20-F as filed with the SEC.
204 BP Annual Report and Form 20-F 2014